Microsoft’s spending showed up as cloud revenue. Meta’s revenue rose 28% to $60.8bn, beating forecasts, CNBC reported. But profit fell 14% to $15.8bn, earnings per share missed, and the shares dropped about 5% after hours. Microsoft and Alphabet spend on AI and can point to a cloud business that rents the capacity back out. Its spending funds its own apps and models, so investors see the cost without an obvious new revenue line.